Home Buying in Atlanta>Question Details

Richard, Home Buyer in Atlanta, GA

I wish to build a portfolio of low end high rental yield properties in Atlanta (price from $20K to $50K), could anyone help?

Asked by Richard, Atlanta, GA Fri Mar 8, 2013

My search includes condo and single family house, mostly in College Park and inner city, includes foreclosure, bank own and short sales.

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Laquita Baez’s answer
Hi Richard, in this area with homes in this price range, you will also need to factor in the costs to make repairs and or renovations. There are homes available in this price point and areas, but be prepared to put extra money into the properties.

If this is your first real estate investing venture, team up with a knowledgeable realtor to help guide and assist you. Investing is more than picking out a property, making the purchase, and then making a return on your investment whether by flipping or renting it out. There's alot of in between steps and issues to consider. And without the proper guidance your money can pretty much go down the drain...

Best with your goals and investments!

Laquita Baez
Better Homes and Gardens Real Estate Metrobrokers
770.901.0956
http://www.LaquitaBaez.com
1 vote Thank Flag Link Fri Mar 8, 2013
You may also need to factor in a property management fee. Being an investor, I understand how this may impact your bottom line projections. A good property manager can help stabilize your bottom line by keeping the properties occupied and working to retain the GREAT tenants. Weigh PROS and CONS of DIY property management carefully. AND by all means, its prudent when dealing with multifamily properties to check health and wealth of any HOA and any issues regarding unfiled liens and unpaid water bills.
0 votes Thank Flag Link Fri Apr 11, 2014
Good Morning Richard,

It's been a year since your original post and I wanted to check in with you to find out if you're still looking to purchase the rental properties. There are still great deals out there and although the search will be a little more intense, the outcome is still worth the effort. Give me a call if you're still looking in the southside market. I look forward to your response and serving your housing needs.

Rhonda Haynes
404-597-5506
0 votes Thank Flag Link Mon Feb 3, 2014
Don't let the down payment restrict you from buying at a better price. I do have lenders that will use the equity as your down payment (up to 75%). No condo's however. It's not because the lender won't do it, it's because it's a waste of money in this city. If you want to buy condo's go to NYC, Miami Beach or San Fran. Minimum loan amount is $100,000 so if interested, you'll need to buy in bulk to meet the minimum.
0 votes Thank Flag Link Mon Mar 11, 2013
Hello Richard,
You have gotten a lot of excellent advice here, so I will be brief. I am working with an investor who wishes to finance his properties so he can keep his cash free. I have put in offers on 4 homes for him over the last couple of weeks. Every single time, we were beaten out with an all-cash offer over the list price.
Mora of the story: If you want to buy at a low price point, you will need cash and plenty of it.
Good luck!
p.s. Using Lee Taylor is worth every penny of that $3000!
0 votes Thank Flag Link Fri Mar 8, 2013
No problem Richard, you are just 2 years late to the party and what's left are toothpicks and crumbs.

What most people miss is that the higher the yield the higher the risk, do you really want high risk properties?

These are properties were you may or may not collect rent and may or may not get the property back in one piece. May or may not have appreciation. Are a pain in the neck to service and manage. At the end of the day, you may net 2-3% more than a safe investment in a well located middle to upper middle income community.

40,000 thousand local real estate agents will be happy to sell you these properties, just not me. If you want to pursue a sensible investment program give me a call.


Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
RE/MAX Hall of Fame – REALTOR Phoenix Award
CRS, CRB, ABR, MSRE, CDPE, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Internet Professional
203K Certified Specialist
Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
0 votes Thank Flag Link Fri Mar 8, 2013
Good Afternoon Richard, Please let me know if you would be interested in buying in Bulk. We have several Bulk Rented Home Packages. The properties have already been rehabbed and rented. I can be reached at lbenish12@gmail.com for more additional information. Thanks Leslie
0 votes Thank Flag Link Fri Mar 8, 2013
I can help you find what you're looking for. I have several homes/condos that aren't even on the market yet. Lets chit chat!
Sumbul Mirza REALTOR®
Keller Williams Realty Peachtree Road
Direct: 404-769-2094
E- SumbulMirza@gmail.com
0 votes Thank Flag Link Fri Mar 8, 2013
Condos would be a bad buy.

I can help you as long as you pay my minimum $3000.00 commission on every transaction.

If the seller doesn't pay it, then my buyer client makes up the difference on these little golden morsels of real estate investment.

How many do you want to buy?

There are exactly 107 active listings under $30K in your zips - 30310, 30314, 30318, 30337, 30349, 30344, 30364 - right now.

54 pending or contingent

29 shorts pending approval

9 actives under $10K.

I sold one for $4500 in Venetian hills last year - what a bargain. SWATL is the next SEATL - get on board.
0 votes Thank Flag Link Fri Mar 8, 2013
HI Richard,

You can add me to your list of contacts, please. I'd like to help you too. And everyone is right....$20,000.00 homes are just about gone. And most listings are selling for more than list price.
And they will more than likely need repairs in that price point.

Thanks and I hope you have a wonderful weekend. Looking forward to hearing from you.

Jamie Hubbard
Broker/Owner
Bricks and Sticks Realty, LLC
404-736-8635
bricksandsticksrealty@gmail.com
0 votes Thank Flag Link Fri Mar 8, 2013
Hi Richard,

I can help you do just that. I provide free structural inspections as well. Give me a shout and lets talk.

Best,

Robert Whitfield
Broker/Owner
Professional Buyers Broker
New Home Construction Expert
ICC Code Certified Building Inspector
Advantage Realtors
678-585-9691
RobertWhitfield.com
TheHomeBuyersRep.com
Corporate Relocations | New Construction | Luxury & Investment Properties
0 votes Thank Flag Link Fri Mar 8, 2013
Hi Richard,

I specialized in South Fulton and unfortunately the $20K homes are over. There are a few $50K active listings but be prepared to go over list price. Give me a call to discuss your wants and needs in investment properties.

Regards,

Cheryl Taylor
Solid Source Realty
404-644-8082
ctaylor_92@yahoo.com
0 votes Thank Flag Link Fri Mar 8, 2013
I can help. I am working with investors doing the exact same thing right now. Rental rates are very favorable towards investors in this market. There are many large investment groups scooping up properties in this range, hundreds of units at a time, doing exactly what you seek to do.

I am happy to discuss when you need.
Web Reference: http://Buy-Atlanta.com
0 votes Thank Flag Link Fri Mar 8, 2013
That price range is going to limit your ability to find quailty homes. I would consider buying fewer properties at a bit higher price point ($100K) in order to find ones that have a greater chance of increasing in value.
0 votes Thank Flag Link Fri Mar 8, 2013
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